Hokitika Guardian & Evening Star MONDAY MAY 31st, 1920. " BRITAIN’S ECONOMIC POSITION

Hokitika Guardian, 31 May 1920, Page 2

Hokitika Guardian & Evening Star MONDAY MAY 31st, 1920. " BRITAIN’S ECONOMIC POSITION

A New York correspondent commenting on the above subject in mid-March goes on to say that the American Chamber of Commerce of London recently sent an address to the people of United States pointing out that Great Britain is commencially sound and solvent. Why it was' necessary to toll this country, that, it is hard to, say, unless it was to silence the false alarmists who are always trying to stir up trouble between the two countries, dictated as it is by Irish or other anti-English sentiment Of course, any business man of standing who knows anything at all about foreign trade knows that the suggestion that Great ‘Britain would not lie able to recover her financial position is top ridiculous for anyhing. The New York Sun, one bf the most reputable and largest dailies of this city, commented editorially on the address of the "American Chamber of Commerce of London. The point quoted of the address is:

“British business and finance arp in a fundamentally sound condition, Business men and workers are recovering from the demoralising effects of the war. Their customary energy is reviving anu British factories are increasing their output. According to estimates made public .by one bank chairman, the present year’s exports will produce a profit of from one billion to one and a-half billion dollars.” The Sun editorial is too long to quote' in full, bnt the following will give an jdea of the view expressed;—“AVhat the American Chamber of Commerce of London has to say to the people of the United States about the financial solvency and commercial solidity of Great Britain : s already generally understood here by those who closely follow such international affairs, and in their discussions of the matters are economically sane or politically honest. A particular I'.lnqur makes an incessant noise in this country, about the danger of British arms dipping into the United States Treasury up to their elbows to carry off billions for the benefit of greedy John Bull, .but nobody of common sense akes it seriously. For the matter of that, a few public prints which are the centre of the uproar, and the few public officials who join in the chorus, do not take themselves seriously. They know neither Congress nor the nation would tolerate loans by the national Government. Meanwhile American bankers, manufacturers and exporters—indeed American farmers—realise tlio gravity of the situation. ' ft is not the loans to Great Britain which arc in question. It is our trade with Continental Europe which is at stake. . . . The danger is not that the United Kingdom, our greatest foreign customer, will stop buying from us. The United Kingdom will go on buying from us for the very reason that, taking our raw materials and turning 4.liem out as finished products for ex,port business, the British trader will capture more and more of the world’s ninfrkets which, we let slip through our lingers because our bankers and investors do nothing to finance the buyers in those markets, either with cash loans or with straight credits, while they are getting on their feet- again.”